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Active Energy posts first-half loss as expenses offset rise in revenue

By BFN News | 02:14 PM | Tuesday 29 September, 2020


Biomass-based renewable energy group Active Energy posted a first-half loss as expenses offset a rise in sales. Pre-tax losses for the six months through June amounted to $0.61 million, compared to losses of $1.83 million year-on-year. Revenue rose to $0.50m, up from $0.10m, which the company said reflected increasing lumber operational activity. 'The period under review has seen Active Energy build the platform to deliver on its two key strategic objectives, becoming a producer of next generation biomass fuels and establish a complementary, profitable lumber operation at the Lumberton site,' chief executive Michael Rowan said. 'The board is pleased with the progress Active Energy has made in recent months, particularly against the backdrop of Covid-19, in ramping up production at Lumberton.' 'Whilst the pandemic has resulted in delays to the development of the CoalSwitch reference plant, we are confident the commencement of commercial operations can be achieved in the short term.' At 2:14pm: (LON:AEG) Active Energy Group share price was +0.08p at 0.58p Story provided by StockMarketWire.com

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